Question 06
Would we invest in us?
We eat our own cooking. What is your appetite?
Managers come and go. Some lose their edge. Some change to chase fads and gather assets. Some retire. Some sell the firm and move on. We’re here to stay. By design, our ownership structure is perpetual, which forces us to think very carefully about the long term.
The people managing our clients’ money are also managing the founding family’s money, the philanthropic foundation’s money, and the savings of their colleagues and their families. With our own money on the line, we have a keen interest in ensuring that Orbis can continue to deliver superior returns for generations to come.
The alignment runs beyond today’s investment team. Our senior investors and leaders keep a financial interest in the firm for twelve years after they leave, so the generation handing over the firm remains tied to the generation taking it forward. We are now on our fourth generation of investors and have shown that our philosophy can be passed on without losing its character and structure. Each generation has a responsibility to protect it and always improve the way it is applied. People change. Markets change. The philosophy endures because the firm has been built to carry it forward.
We're not for everyone. We’re built for those who see the value of investing differently.
There's an old test worth applying to anyone managing money: do they eat their own cooking? At Orbis, the answer is yes, at scale. The firm's founders, owners, management and employees, along with their families, invest in the Orbis Funds alongside clients, on identical terms and paying identical fees. As a group they are among the largest single investors in the funds. If you are frustrated with our performance, you can be sure that we are even more frustrated with ourselves.
And if you are thinking of the decades and generations ahead, so are we. Our most senior investors and leaders of the firm have an interest in the firm’s profits that extends for twelve years after they leave the firm. When they walk out the door on their last day at Orbis, much of their personal wealth and their future income will be in the hands of the generation they have left behind. Leaving the firm in better shape than you found it isn't an empty platitude here.
That’s what keeps us going every day. To make a difference for clients and to ensure that we can keep doing it for generations to come. It’s an approach that has stood the test of more than 35 years at Orbis and we’re on our 4th generation of investors; and more than 50 years at our sister company Allan Gray in South Africa, which is currently on its 6th generation of investors. It has been a challenging journey at times but ultimately rewarding. For those who crave independent thinking, long-term discipline and intellectual honesty, there is no better place.
If that sounds appealing, please come talk to us. If not, that’s fine too. Either way, we appreciate you taking the time to learn about us and to make the right decision for your needs.
Our approach is not a good fit for everyone
There's an old test worth applying to anyone managing money: do they eat their own cooking? At Orbis, the answer is yes, at scale. The firm's founders, owners, management and employees, along with their families, invest in the Orbis Funds alongside clients, on identical terms and paying identical fees. As a group they are among the largest single investors in the funds. If you are frustrated with our performance, you can be sure that we are even more frustrated with ourselves.
We're not for everyone. We’re built for those who see the value of investing differently.
And if you are thinking of the decades and generations ahead, so are we. Our most senior investors and leaders of the firm have an interest in the firm’s profits that extends for twelve years after they leave the firm. When they walk out the door on their last day at Orbis, much of their personal wealth and their future income will be in the hands of the generation they have left behind. Leaving the firm in better shape than you found it isn't an empty platitude here.
That’s what keeps us going every day. To make a difference for clients and to ensure that we can keep doing it for generations to come. It’s an approach that has stood the test of more than 35 years at Orbis and we’re on our 4th generation of investors; and more than 50 years at our sister company Allan Gray in South Africa, which is currently on its 6th generation of investors. It has been a challenging journey at times but ultimately rewarding. For those who crave independent thinking, long-term discipline and intellectual honesty, there is no better place.
If that sounds appealing, please come talk to us. If not, that’s fine too. Either way, we appreciate you taking the time to learn about us and to make the right decision for your needs.
Our approach is not a good fit for everyone
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The trademarks ‘Orbis’, ‘Orbis Invest Differently’ and ‘Orbis Invest Differently & Design’ are owned by Orbis Holdings Limited and used with permission by Orbis Investment Management Limited.
Past performance does not predict future results. The value of investments in the Orbis Funds may fall as well as rise and you may get back less than you originally invested. It is therefore important that you understand the risks involved and also obtain professional financial advice before investing. You should consider such funds’ Product Disclosure Statement (PDS) or Information Memorandum (IM), as applicable, before acquiring or disposing units in any Orbis Fund. The PDS or IM can be obtained from www.orbis.com. Target Market Determinations (TMDs) for the Orbis Funds can be found on our 'Forms' page under 'How to Invest'. Each TMD sets out who an investment in the relevant Fund might be appropriate for and the circumstances that trigger a review of the TMD.
This document constitutes general advice only and not personal financial product, tax, legal, or investment advice, and does not take into account the specific investment objectives, financial situation or individual needs of any particular person. This document also does not constitute a recommendation, an offer to sell or a solicitation to buy or hold units in the Orbis Fund, or any other interests.
Equity Trustees Limited AFSL No. 240975 ABN 46 004 031 298 (EQT) is the responsible entity for and issuer of units in the Orbis Funds domiciled in Australia. While Orbis has endeavoured to ensure the accuracy of this Report, to the maximum extent permitted by applicable law, Orbis, Equity Trustees Limited, and their respective related parties, employees, and directors do not provide any warranty or guarantee as to the accuracy or reliability of such information, and accept no liability to anyone relying upon it.